There have been several news stories on people quitting lucrative jobs to play crypto games. As ridiculous as such moves sound, news platforms claim the people involved earn good money. However, there’s probably no one earning money with cryptocurrency games in your circle. So, you wonder if there’s any truth to what the news media is saying.
To provide answers to your question, a brief contextual exposition is vital. Cryptocurrencies are digital currencies, which became popular in 2009 with bitcoin. Cryptos are built on blockchain. Blockchains are distributed or decentralized technological platforms. Blockchains facilitate transactions that can’t be altered and are controlled by no central authority.
Blockchains can be used in different industries, e.g. Finance, logistics, etc. The current and viral use of blockchains is in the gaming industry. Playing crypto games to earn money is possible thanks to crypto game tokens, NFTs, Metaverse, crypto exchanges, etc.
The rest of this piece explores everything you need to know about making money with crypto games. And yes, you can make money playing crypto games.
What are Crypto Games About?
The cryptocurrency buzz on social media hit an all-time high when it became popular to play games to earn money became popular. However, the model goes against the status quo of paying to buy extra gears and utilities in-game.
Crypto games allow players to accumulate items in the game, which they can decide to exchange for cryptocurrencies. Players can then choose to hold the cryptocurrency in their wallets or exchange it for fiat money (dollars, pounds, etc.)
The reality of crypto games is premised on the interactions between the various applications built on the blockchain. The interaction of different functionalities and applications on the blockchain is called interoperability.
However, ownership is possible for players beyond the setup to make money with crypto games. Ownership involves buying and staking crypto game tokens to be part of the platform’s decision-making. Ultimately, crypto games are decentralized autonomous organizations, which allow for community-based decision-making. So, for instance, buying and staking the AXS token makes you an Axie Infinity game owner.
The concept of ownership in crypto gaming extends to gameplay. Traditional gameplay uses XP, in-game currencies, characters, skins, weapons, etc., owned by the developer. However, in crypto gaming, players own the items.
The concept of NFTs facilitates ownership. The in-game items and collectibles are NFTs, which players can use outside of the game. NFTs are one-of-a-kind digital assets; hence, they are valuable and can be exchanged for top dollar.
Beyond exchanging utilities for money, experts believe the future of gaming involves using them from one application to the other. With metaverse also growing on us, it, hypothetically, won’t be long before you can use your Super Mario character inside a Call of Duty game.
Most crypto games to make money are built on the Ethereum blockchain. Therefore, all connected computers can access the same information – no one has control; hence, equal power. Thus, it’s easy for elements of different applications to interact amongst themselves. Furthermore, the blockchain verifies each interaction across the entire network on different computers.
So, summarily, here is how a crypto game that earns money works. The game applications (dApps) are built on the blockchain. Players buy into the game. Players own items used in the game. Players can also accumulate collectibles. The collectibles and utility items can then be sold as NFTs for other cryptos. The cryptos can then be converted to money on an exchange platform.
The Play to Earn Model
The play-to-earn business model powers the crypto money game concept. You play games running on this model, earning crypto elements for your time.
The model is more psychological than stakeholders give it credit for. The model is a culmination of two forces that drive humans – money, and entertainment. The play-to-earn model also gives ownership to players because you can’t earn from what you don’t own.
Certain in-game assets fall under players’ ownership. Such assets increase in value directly proportional to the players’ in-game activity. The assets are NFT, sold, and transferred via wallet addresses.
The play-to-earn economy relies heavily on value creation. Your activity creates value for other players and developers and vice versa. Hence, your in-game assets appreciate. You can accumulate a plethora of assets in crypto games—characters, utilities, tokens, etc. The core idea is that your effort and time are rewarded.
Now, getting started with crypto games that earn money can be free or paid. Some games are free, while others like Axie infinity require buying some utility before playing.
Developing games isn’t cheap. Hence, it remains vital that crypto game revenue accumulates for developers too. And with play-to-earn, players are assured that while money culminates for developers, they can also earn value more than their initial investment.
Upon understanding how the play-to-earn model works, let’s see the best crypto games to make money.
The Best Crypto Games to Make Money
Axie Infinity is arguably the most popular crypto game currently. Developed in Vietnam, the game has caused several people to quit work and invest more time. Pokemon and Tamagotchi inspired the game. However, the underlying play-to-earn model has seen it accumulate 2.5 million daily players. The game involves breeding, collecting, battling, and trading creatures called Axis. To get started with the game, you’ll need to buy Axis.
Axis comes in different forms, thanks to the 500 available body parts. There’s also a rarity scale that reflects the character’s value – common, rare, ultra-rare, legendary.
The characters, Axis, are NFTs with varying features and strengths. Players can customize and upgrade their characters. Axis can also be traded for cryptos on a dedicated marketplace. Hence, earning money with cryptocurrency.
Playing the game also earns players a token called Small Love Potion (SLP). The SLP can be sold or used in breeding new Axis. Players in need of more SLPs can buy on exchange platforms like Binance.
So, to breed axies, you need SLP tokens. You can buy SLP tokens on Binance. With the axies, you can earn more SLPs, which you can use to breed more axies or sell on Binance. The cycle continues.
Launched in 2017, decentralized is a virtual world built on Ethereum. Essentially, a metaverse. Decentraland enables players to create experiences and also monetize content. For example, users can buy pieces of land on the metaverse and subsequently customize them. The land can then be sold later.
Decentraland uses two currencies, MANA and LAND, which you can use to purchase different things across the metaverse.
The sandbox is another virtual world. The ecosystem revolves around DAOs (Decentralized autonomous organizations) and NFTs. It functions similarly to Decentraland and uses two currencies, SAND and LAND.
You can make money playing crypto games. Once you understand the concepts and have your thinking cap on, you can earn enough to quit your day job. Essentially, crypto games that earn money are like businesses. You have to accumulate, offer and leverage value.
So far, crypto games have been impressive. However, there is every indication that the future promises to be better. Hence, if you’ve been wondering whether to get started with crypto games, the answer is “Yes.”
Frequently Asked Questions(FAQs)
Yes, you can make money playing crypto games. Though, the amount of money you earn depends on the specific game you’re playing. These games are designed to offer rewards for your time spent playing. You can then sell these rewards on exchange platforms for fiat currencies.
Yes, you can make good money with crypto. To make more money, you need to play top crypto games, and also be adept at the business of cryptocurrencies. There are millions of players across the world, and the market is getting larger. Hence, you must know how to maximize value.
There are several games where you can earn bitcoin rewards for game time. You can then convert these bitcoins to money on platforms like Binance. Examples of such bitcoin-rewarding games are; taboo, battle royal, sugar glider, crystal clan, max quest, etc.
There are different ways you can make money with crypto daily. Some of these are;
Airdrops and forks
Crypto social media
Playing crypto games like CoinFantasy.
These are the tested and trusted ways people have made money from crypto.
There’s no single crypto game that can pay the most. Popular games like CoinFantasy, Axie Infinity, Decentraland, etc. have high payouts per player. How much you can make, however, is solely dependent on how much time you can devote to the game.
The most common way of earning crypto tokens is by playing crypto games. These games are designed and built on the blockchain. The games reward players for game time, as you can collect in-game items which you can convert to more popular cryptos like bitcoin, or trade for fiat currencies.